Windows also has this feature.
I use it to transfer everything including desktop, Icons, Bookmarks and even Gadgets. In windows it will tll you before transfering which programs may not work. You can then either uuncheck them or go and transfer them anyway, some will work even if it said it will not. Your Settings will also transfer. A/V will have to be installed as it will not let it run on another Computer.
My Music, Video and Picture files all transfered. W-7 took about 45 min to over an hour if you use a USB cable vs WiFi. This may answer for Users other than MAC's who may not be aware of this.